Pure Tungsten’s Oversubscribed CAD 0.20 Financing to Close on Monday, September 15

As previously announced, Pure Tungsten will acquire 100% of GBI. With this merger, GBI shareholders will own 75% of the newly merged entity, while current Pure Tungsten shareholders will hold the remaining 25%. The aim of this strategic merger is to create a significant multi-asset tungsten producer by combining Pure Tungsten’s Bodó Mine in Brazil with GBI’s Ssangjon Mine in South Korea and an interest in a mine in Tajikistan. The new company will be led by Tiger Kim, current CEO of GBI, and will position itself as a key conflict-free supplier in the growing global tungsten market.

Highlights

• Pure Tungsten financing oversubscribed; final closing expected by September 15, 2025
• Tungsten (APT) prices rise above US$645–665 per mtu (mtu = 10 kg WO₃)
• Work at the Ssangjon Tungsten Mine in South Korea has resumed, with commissioning expected in Q1 2026

Tungsten Fluoresces Under UV Light Underground at Pure Tungsten's Ssangjon Mine — *Tungsten Fluoresces Under UV Light Underground at Pure Tungsten’s Ssangjon Mine*

We are pleased to announce a crucial milestone in the redevelopment of the Ssangjon Tungsten Mine in South Korea. Driven by strong investor interest and favorable market prospects, Ssangjon is now fully funded, and on-site resources have been mobilized to rapidly bring this renowned mine back into operation.

As we accelerate the closing process, we wish to thank everyone who has supported this financing round. Final orders will be accepted until Monday (September 15), and we encourage interested parties to contact us by the end of this week to secure their investment participation in the project.

Tiger Kim, CEO of Pure Tungsten, shows investors a stockpile of previously mined ore from the last shift in June 1973. The mine was closed because tungsten prices had fallen from US$700 to just US$40 per 10 kg APT.

Indicative Investment Interest Exceeds Expectations

The investment opportunity in Ssangjon has garnered significant attention across the industry. Originally, we set a closing target of CAD 3 million, but we have now received indicative interest totaling CAD 6 million, demonstrating the market’s confidence in this project and the underlying fundamentals of the tungsten industry.

unnamed4-GOLDINVEST — *The Hupo processing plant will produce 65% WO3 tungsten concentrate and is a 45-minute drive from the Ssangjon Mine.*

Redevelopment Progress and Strategic Importance

The Ssangjon Mine, long known for its high-grade tungsten deposits, is now entering a new chapter. With full funding secured, our team has acted swiftly, mobilizing equipment and personnel on-site ( ) to ensure a rapid timeline for the resumption of production. Click this link to see the team at work today – September 9.

South Korea, as a key player in the global technology and manufacturing industry, offers a strategic advantage for conflict-free tungsten. The redevelopment of Ssangjon aligns with the global trend towards diversified supply chains and stable access to critical minerals, and is located near Almonty Industries. Almonty’s flagship is the Sangdong Tungsten Mine, located 40 miles south of our Ssangjon Mine, which is also resuming production and has a market capitalization of US$1.4 billion (35 times our pre-financing valuation).

unnamed51-GOLDINVEST — *The Hupo processing plant will produce 65% WO3 tungsten concentrate and is a 45-minute drive from the Ssangjon Mine.*

Why Tungsten? Market Opportunities

For the first time ever, the Chinese market is currently trading at a significant premium to Europe. Imports are surging, while exports have completely dried up. China is clearly rebuilding its inventories, and we hear that it’s impossible to obtain physical deliveries. The price appears set for a parabolic move. Watch the interview we conducted last week to learn more about this phenomenon.

Investment Highlights:

• Fully Funded Redevelopment: All capital required for Ssangjon’s recommissioning has been raised, enabling immediate action and minimizing delay risks.
• High-Grade Resource Base: Ssangjon is known for its high-grade deposits, offering strong revenue potential and competitive extraction costs.
• Strategic Location: Located in South Korea (near Almonty Industries), the mine benefits from political stability, advanced infrastructure, and proximity to key industrial consumers.
• Acquisition and modernization of a processing plant enabling the production of 65% tungsten trioxide (WO3) concentrate.
• Exceptional geological prospects with a grade currently double the global average (0.4%), open at depth and along strike, with a 20-meter wide ore body.
• Initial studies estimate resources at over 20 million tonnes of tungsten. Following the resumption of operations, a priority for the team will be to convert the initial studies to NI 43-101 standards before an IPO planned for Q1 2026.
• Experienced Operating Team: Led by our CEO Tiger Kim, our management and technical teams have a proven track record in successful mine development and production optimization.
• Market Timing: The current global environment enhances the value of new tungsten supplies outside China, with Ssangjon positioned to benefit from high prices and sustained demand.

Sincerely

Max Beck | Head of IR
Max.Beck@PureTungsten.Ca

Edward Balme | IR Manager
Edward.Balme@PureTungsten.Ca

Schedule a meeting – https://calendly.com/puretungsten

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